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Sunday, December 8, 2013

Daily Trading Forecasts for December 9, 2013

Last week, the directional
forecasts on the EURUSD and the USDCHF were correct. For example, the USDCHF
trended downwards by over 140 pips, closing at 0.8917.

EURUSD: The EURUSD, which has been bullish for more than 2 weeks,
has been able to maintain its bullish stance in spite of the initial upswings
and downswings within the limitation of some overall stabilization. Last week
was ended with some smooth and predictable journey upwards. This week would not
be different.

USDCHF:Last week, the
directional forecasts on the EURUSD and the USDCHF were correct. For example,
the USDCHF trended downwards by over 140 pips, closing at 0.8917. This week,
the price would easily challenge the support level of 0.8900, and possibly
breach it to the downside.

GBPUSD:There are bullish
reversals on the JPY pairs, and directional movements on most major pairs,
including exotic crosses. However, the Cable seems unaffected by this, as it
continues to consolidate to the downside. There are mixed signals on the chart
– with neither the bulls nor the bears winning. It is better to stay out of the
market until it becomes predictable again.

USDJPY: This pair dropped below the demand level of 102.00 last
week, but it could not stay below that level. Therefore, the price bounced
seriously upwards from that level by over 100 pips. Right now, the bullish
scenario in the market has been re-confirmed again. The price would test the
supply level of 103.50 this week.

EURJPY: Here too, this cross would have broken the price zone of
141.00 to the upside by the time this forecast is published. The ultimate
target for this week is the supply zone of 142.00. The bias has always remained
bullish.